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budget surpluses in a row. for all of this talk about deficit reduction, making sure our books are balanced, this is the guy who did it three times. he helped oversee what our nation's finest universities and largest investment banks. in my administration, he has managed operations for the state department and the budget for the entire executive branch. i have sought his advice on virtually every decision i have made from economic policy to foreign policy. one reason he has been so effective in this town is because he is a low-key guy who prefers to surround himself with policy experts rather than television cameras. over the years, he has built a reputation as a master of policy can work with members of both parties and ford principled compromises. maybe most importantly, as the son of a polish immigrant, a man of deep and about face, he knows that every member on a page, every dollar we budget, every decision we make has to be an expression of who we wish to be as a nation, our values. values that say everybody gets a fair shot at opportunity. and says we expect all of us to
agreement, a bigger deal, a grand bargain or whatever you want to call it, that solves the deficit problems in a balanced and responsible way that does not just deal with taxes but also spending so that we can put all this behind us and focus on growing our economy. with this congress, that was obviously too much to hope for at this time. [laughter] maybe we can do it in stages. we will solve this problem instead in several steps. in 2011, we started reducing the deficit through $1 trillion in spending cuts which have taken place. the agreement being worked on right now would further reduce the deficit by asking the wealthiest 2% of americans to pay higher taxes for the first time in two decades so that would add additional hundreds of billions of dollars to deficit reduction. that is progress but we will need to do more. keep in mind that just last month, republicans in congress of they would not agree to raise tax rates on the wealthiest americans and the agreement being discussed would raise those rates permanently. [applause] keep in mind, we will still have more work to do. we still ha
to the point of dealing with the biggest deficit this country faces the jobs deficit. and to me this bill simply put a band aid on the problem. it did do something the president wanted to do, committed to do. he delivered on the promise to try to help protect the middle class but my fear is that in these next 3 -- three political maneuvers we're going to see that people will start attacking the middle class and i believe that this was our best opportunity to really take care long term the issues that we need to address to a balanced approach. >> so to follow up, you voted early, i was watching the board. you voted early. you didn't vote to see if it was going to pass and then vote no. was the idea that obama kind of lost some leverage there that you wanted to see it fail because obama now has to go back to the debt ceiling and he doesn't have the benefit of tax cuts looming? >> i knew it was going to pass. after the republicans walked away from the negotiations and then tried to plan b by speaker republican speaker bane thear failed where republicans wouldn't support their own speaker it
or the largest economy in the world. we need to get to the point of dealing with the biggest deficit in the country, the jobs deficit. to me, this bill simply put a band-aid on the problem. it did do something the president wanted to do, committed to do. he delivered on the promise to try to help protect the middle- class class. my theory is that in the next three political maneuvers that we are going to see coming up in congress, that people will start attacking the middle class. i believe this was our best opportunity to really take care long-term of the issues that we need to address to a balanced approach. >> to follow-up on that, you you voted early. you are not just waiting to see if it was going to pass and then vote no. the idea that obama kind of thatsome leverage theire, you wanted to see him fail, that he has to go back to the leverage -- that he does not have the leverage -- >> after the republicans walked away from the negotiations and tried the plan b by speaker boehner, it became clear, even after they tried to amend the senate yield that they could not do so dosh and
of the house. we passed a bill, as you know, back in june, strong bipartisan effort, deficit reduction of $24 billion altogether, reforms that were needed, did away with government subsidies that did not make sense. we sent it to the house. we were very close on the full bill. to my sheer surprise and shock, the house never took it up. i have never seen that before in my life, where the speaker of the house would not think that the 16 million people that work in agriculture across america were not important enough to bring a five-year farm bill to the floor. that was the worst part of all of this. it creates the situation of trying to figure out how we go around the house that will not take up the bill. we did end up with an extension that was different than was agreed to by the four leaders. that was also done at the very last minute by senator mcconnell leading the way. he had voted against the farm bill, even though he agreed to bring it to the floor. he was clearly protecting the interests of those who want to keep the big government subsidies. the extension we wanted that would have exte
deficit. we need to great new jobs and boost family incomes. we have to protect our planet from the destructive effects of climate change. we need to protect our children from the horrors of gun violence. these will be difficult goals for america, but they must be met. if we could have the fraction of the termination of the men and women in, i know that we can meet them. i tend to work hard to make sure that we can. thank you. >> hello. i'm proud to represent the state of nebraska in the u.s. senate. i have traveled thousands of miles all across nebraska meeting with leaders and citizens to learn about their views and share my position on issues. during that time, i heard a single message over and over again -- washington must cut out of control spending. i agree. the american people are right to expect more accountability from their government. i recently saw a poll that three out of four americans support spending cuts across the boards. these hard-working taxpayers are tired of petty battles. they are frustrated with the lack of progress in their elected leaders. in 2009, the
. the rest of it, the red, came from barroing. that's the deficit. the subtotal of all these annual deficits plus the interest on it is the national debt. today the national debt stands at $16.4 trillion. the treasury the empowered to borrow money to support that but that's the debt ceiling. they are em bowered to borrow the money and write the checks to pay the bills already incurred by your democratically elected congress. today the debt creeling is $16.3 trillion, which is less than our testify sit. the u.s. breached the debt ceiling on december 31st, but the treasury can use what it calls extraordinary measures to raise an extra $200 billion. those extra funds will only last until about middpeb -february o early march. good luck trying to explain this to conservative talk radio show host rush limbaugh. >> that's right, rush. the debt ceiling was created so that congress wouldn't need to constantly authorize the treasury to borrow more money. raising the debt ceiling doesn't authorize any new spending. it authorizes payment. it does not increase deficits. it just allows the treasury to pa
the opposite. record increases in spending, the biggest peacetime deficit in history, no effort to address entitlements which have grown significantly more challenging. wouldn't you call this that anti-clinton budget? >> no, i'm very proud of the work i did in the clinton administration and i point out one of the reasons spending was falling as a percentage of gdp was the economy was growing so fast because we had a good fiscal policy that promoted competent and economic growth. if you look at the projections today, we are projecting the retirement of the baby boom and we see more people claiming their benefits. >> i want to get to that projection. it is part of the reality that even if we cut spending in the policies we are making, as we pay the policies that are due, there are areas where spending goes up. i don't think any of us want to be saying people should not be able to collect social security benefits when they are 65. that and medicare for people who are retiring are driving aggregate spending levels. on the discretionary side, we are cutting spending. >> which is why we are baff
, came from borrowing, the deficit. the sum total of all of these annual deficits, plus the interest is national debt. today the national debt extends at $16.4 trillion. the treasury is empowered to borrow money to make up for that shortfall. but only up to a certain amount. that's the debt ceiling. keep it in mind, the treasury does not make decisions about how the money is spent. they're simply empowered in this case to borrow money and write the checks to pay the bills incurred by your democratically elected congress. today the debt ceiling is $16.3 trillion which is less than our debt. the treasury can use extraordinary measures to raise an extra $200 billion. those extra funds will only last until about mid february or early march according to the bipartisan policy center. good luck trying to explain this to conservative talk radio show host, rush limbaugh. >> i think it's a debt limit as your monthly credit card limit. you can't go over it on your credit card. and the united states government can't spend more than what its credit limit is or its debt limit. now ali velshi at cn
there about deficit reduction, making sure our books are balanced, this is the guy who did it three times. >> he didn't just talk about balancing the budget and tackling the deficit, he did it, three times. the president seeming to take a certain amount of pleasure in being able to describe his treasury nominee jack lew that way, given the deficit peacockery which pervades washington, honestly, particularly on the republican side of the aisle. republicans really like to talk about cutting the debt and cutting the deficit, as if that is the long-standing prerogative of their party. but it was under republican leadership that we passed two debt exploding rounds of george w. bush tax cuts as well as two wars without any plan to pay for any of it. in the process, republicans took a massive budget surplus that they inherited in 2001 and they turned it into a massive budget deficit eight years later. the person that they inherited the surplus from, that would be a guy by the name of jack lew. >> for all the talk out there about deficit reduction, making sure our books are balanced, this is the
. this will be full and frank and unvarnished this afternoon. let me remind him that we said we would cut the deficit in did is down by 25%. we said we would cut immigration and it is down by 25%. we said we would balance the economy, 1 million private-sector jobs. that is a record to be proud of. >> he has to do better than that. because -- because this is what his adviser says. he said asia and publish the secret order because as problematic areas it would lead to unfavorable copy and identify broken clinches. >> it is a far cry from the rose garden because this is what they said. we should throw open the door to enable the public to account. have another go. it is the simple question. was it his decision not to publish the audit, from his adviser, it would overshadow favorable coverage? >> order! calm down! >> early in the year -- calm down. calm down. these are difficult times ahead. it is his decision not to publish the audit. it is my decision is being published this afternoon. is this really the best he can do? he had a week in the canary islands with nothing else to think of. he does not ask
deficit. tax cuts didn't just that in the bank accounts of rich people, they plunged the nation deeper into the red. >> guest: absolutely. in deficit financing and all these things for many years, what we looked at for this book, we didn't fully realize just how egregious those revenue losses had been. this is the point we make in the book. about people and what is happening in the american economy, the global economy is inevitable and the rest of the world is catching up with us which is why incomes are stagnant. we show it is very much because of public policy. these things are not happening on their own. taxes are perfect example. one of the statistics in the book that has absolutely stunned people, go back to the 50s and look at the richest americans which is a specific number of people, the 400 richest people, in the mid 50s they paid the 51% of their income in federal taxes. on the verge of the implosion, economic meltdown of 2008 those 400 richest americans, the percentage was down 16%. that is a huge difference. a lot of young people don't realize what has happened to the tax b
-term deficit. >> john: congressman jordan do you buy that? >> no, they are scheduled for the outyears. congress said give us the revenue and we'll promise to get the cuts. that's what the fiscal cliffs was. no cut necessary there and stame old, same old. i tell folks back at home, this is promises from politicians, not from your parents or pastor or priest. politician say we promise to get to the balanced approach later and cut spending later. mitch mcconnell is right. we have to cut spending. credit card is maxed out. he is right. let's foxus on the problem which is this government can't control spending and we have to control it. >> john: we spoke at link when you were the president's point person on the budget and you state said simpson-bowles and you have to have the model and revenue and spending cut. >> guest: that's right. >> john: we got revenue. where are the spending cuts. >> guest: the cuts and revenue are with far short in both categors. mr. #1: but you are looking at trillion hole in the debt. >> guest:icisms simpson bowles said it would allow it to go to the starting levelings. on
? >> the president has been very clear his absolute principle is we need to reduce our deficit in a balanced way that does not shift all the burden troop cuts exclusively on senior citizens. on families who have disabled children, families were trying to send their kids to school. that is unacceptable. one of the things we learned in the process we went through last year is when it comes to specificity, we never saw any specificity from republicans in terms of how they would achieve the kind of sweeping cuts they say they want. and from home with the demand that payment and what the president has been clear about is he will not negotiate. it is congress's responsibility to pay its bills. he will negotiate and is willing to compromise as his demonstrated repeatedly when it comes to moving forward in a balanced way to reduce the deficit. we have to do with the sequester. we have to deal with a variety of budgetary and economic and fiscal challenges. he will not negotiate over the debt ceiling. the threat itself is a problem. as we saw in the summer of 2011, the binary choice that republicans want
deficit reduction in the long term and, number three, some stability and some certainty about the future, and we got none of this, and that really is a major problem. we are going to be up against continuous trench warfare, and we have not dealt really at all with the deficit, long-term deficit problem, and in the short term we've got a huge employment issue. i mean jobs should be the number one issue right now in the country. it still is. we saw that unemployment report, it still is a terrible jobs picture and yet we have virtually no stimulus, in fact, you know, social security taxes are going up. >> jon karl, clear when i was talking to senator mcconnell that even though he doesn't want to accept the possibility of another massive confrontation over the debt limit in february but it's coming, the divisions are as wide as they ever were. >> we are absolutely on a collision course. this amazing situation, george, where the white house is saying, they will not negotiate on the issue of the debt limit. that's just something congress has to do, period, no negotiations, they're not scheduli
obsession with slashing the deficit and avoiding that well-known and worn fiscal cliff is killing us, krugman writes, getting in the way of what really needs to be done, which is dedicating government to creating jobs and getting us back to full employment. he blames not only congress but the white house. paul krugman is professor of economics and international affairs at princeton university. since 1999, he's been an op-ed columnist at "the new york times" and now also writes a blog for the paper titled "the conscience of a liberal." according to the search engine technorati, it's the most popular blog by an individual on the internet. author or editor of some 20 books and more than 200 professional papers, krugman is a thinker so esteemed and widely known in his field he's become an icon. not only has he won the nobel prize in economics, he's also the subject of this song by the balladeer loudon wainwright iii -- ♪ i read the new york times that's where i get my news ♪ ♪ paul krugman's on the op-ed page that's where i get ♪ ♪ the blues 'cause paul always tells it like it
not opened a new loopholes, we would not be having discussions about the dangers of the federal deficit. tax cuts did not just that in the bank accounts of rich people to, they plunged the nation deeper into the red. >> guest: absolutely, and that think written about taxes and deficit finance for many years. and until we looked into it for this book we did not fully realize just how egregious those revenue losses have been. this is the point we make. a lot of people think what is happening in the economy, all this is inevitable and we are just -- the rest of the world is catching up with us and that is where incomes are stagnant and all this business. we show that it is very much because of public policy. these things are just not happening and and and. taxes are a perfect example of that. i mean, none of the statistics in the book -- one of the statistics in the book that has stunned people, go back to the 50's and look at the richest americans, which is a specific number of people come of 400 richest. the irs says track these people often on for many years. back in the mid-50s they paid 51
in the direction of beginning to solve our long-term debt and deficit problem? it's perplexing to me. that the president of the united states, elected to lead the country, is so reluctant to engage on the most important issue regarding our future. >> but you understand what the president told me last week and other democrats have said, the republicans had a chance to say yes to a number of things, in addition to the trillion dollars of spending cuts that were en80ed as part of the budget control act of last year. they could have had additional cuts in entitlement programs if you had agreed before you did it in this temporary measure. going back to the summer of 2011, the president said to all of you republican leaders, if you didn't have such a hard time saying yes to me as president we could have solved some of these issues why. is he off base about that? >> you can relitigate the past if you want to. where we are now is we have resolved the revenue issue, and the question is, what are we going to do about spending? i wish the president would lead us in this discussion, rather than
app income. 75% to 11%, even to reduce the deficit, do not cut social security benefits. now, progressives, like myself, asking for a purity on the 75% portion of that issue is completely different from those on the right that are standing up to the 11% popular issue. his version of fair is essentially proposalling a 50/50 compromise or 60/40 compromise on the other side saying the votes. if 75% of the people are on the side, he should hot give a 50/50 deal to the republicans. >> host: too late, dick durbin, second in charge of the democrats, said look at deductions and loopholes, but say anything about going back to individual tax rates. >> guest: because we left hundreds of billions of dollars on the table in that round, the bar is higher for democrats this round, and that's numerous answers to make sure we preserve social security, medicaid, and medicare benefits. there's hundreds of billions of dollars in corporate tax loopholes, they can get away with murder, and venn the leader of the republican in the senate was on "meet the press" this weekend granted there were tax l
it different from the others that weren't? >> well, what makes it different is we have no deficit due to years of budget cuts and due to the new tax revenues we're realizing from voters' approval of proposition 30 in november and essentially as he said, this is a breakthrough. it's not without risks. he was careful to caution. it's only january. this is only the start of the budget process. we all mull it over see how the numbers develop. he puts out his may revision then the legislature starts fight over it and hopefully we have a document enacted by the end of june. we're only at the very beginning. there are a lot of risks along the way. there's a federal deficit that needs to be contended with that can have a lot of impact on the way the state gets and spends its money. the economic recovery is still sort of slow and struggling upward and any reversal on that could spell a change in our state revenues. the federal government or the courts could have a problem with some of the proposed budget cuts that we have made or want to make. it's happened a lot over the last few years. and increasing
presided over three budget surpluses in a row. so for all the talk out there about deficit reduction, making sure our books are balanced, this is the guy who did it. three times. >> the white house chief of staff, jack lew, was nominated by the president this week to replace outgoing treasury secretary timothy geithner. lew is a democratic veteran of washington, 30 years of service. currently he is president obama's chief of staff. earlier lew served as his budget director, and in that job he raised republican hackles. in fact, jeff sessions of alabama, the ranking republican on the senate budget committee, has already said he will try to block mr. lew's confirmation, notably over a statement lew made two years ago. lew was then omb, office of management and budget director. "our budget will get us over the next several years to the point where we can look the american people in the money th speaking to this, senator sessions had this to say. "to look the american people in the eye and make such a statement remains the most direct and important false assertion during ng my entire t i
run, running up the deficit can cause a fiscal collapse and crisis that could lead to major recession, but in the short run, jobs 2013, giving the tax credit to make movies in america. if they make the movie in canada wouldn't that create less jobs in the u.s. than making the movie or commercial here. yeah, it's increasing the federal deficit it's same with building nascar race tracks, that you wouldn't have built without credits from the government. it's not a great policy long run, but it will make jobs in the short run. >> you're the only guy who likes electric motor scooters and nascar. >> it's time for an opportunity to take my scooter out on the track. >> brenda: all right. gary b, i have a feeling you don't agree. >> i don't, brenda. look, i do agree with one point jonas made, no one can disagree that stimulus spending creates jobs. we're all in agreement about that. the real question, is that dollar better spent by the government or is it spent-- betterpent by the private sector? look, this has been studied and t multiplier, essentially, what does a dollar create in the gdp? t
,000 jobs. finance ministry officials say a shrink in surplus is causing an account deficit here in japan. the current account is in the negative for the first time in ten months. financial analysts place the november account deficit at about $2.5 billion. the trade in goods deficit came to more than 9.5 billion dollar. eu and chinese consumers have been buying fewer japanese products. company directors saw exports fall by 4.2% over last year while imports rose by 0.8%. time to get a check on the markets. the yen remains weak on speculation that the prime minister will push for further monetary easing measures. the dollar hit the 89 yen level for the first time in two and a half years. that pair trading at 89.07 to 12 at the moment. the euro hit the 118 level for the first time in 20 months. that pair is changing hands at 118.10 to 15. market participants say worries about the debt situation in the euro zone has eased due to positive comments on the regional economy from the european central bank president. let's see how this is affecting the stock market. the weaker yen is prompting expo
of a trillion dollar plus debt, and already deficits and this year alone the fiscal year alone, $2,903,000,000,000 in deficits just in this first quarter. tell me, can the american people trust congress to fix this problem with a -- fix the fiscal cliff and deal with the debt ceiling? >> the fiscal clefted not fix the debt, and that was the big debate during the fiscal of conversation. is this affecting tax policy or is this about trying to pixar debt and deficit. there was a group that said let's fix the tax policy in deal with the deficit later. as supporters sang, we must deal with the debt and deficit which is the bigger issue. gerri: you voted against it. >> i did. gerri: what can we do about this? what can we do about this? >> well, we have three things. people will hear them thrown together by the senate and presidency, but there are really three different distinctly different things. the debt ceiling, the sequestration that has now been punted for two months, and we also have what is called a continuing resolution all will be abbreviated as a cr. all three are good moments
, the baseball hall of fame is in a lot of financial trouble. eight deficits in the past ten years, the town of cooperstown is hurting because they're not getting the tourist attraction. this year is going to be a big zero with no one inducted. what's the hall of fame going to do? >> and that's what i thought of, the mom and pops down in cooperstown, new york. leading up to the induction ceremonies for a good chunk of their business. without anybody to induct next year or really anybody alive because the three players from the veterans committee are going in but they've been deceased for 75, 80 years, it's going to take a big impact on them economically. hopefully they can look beyond the horizon or the 2014 and say we might be getting four, five, six, maybe even seven players with veteran committee electees in 2014. so the drought of '13, hopefully for those kind of people will be made up for in 2014 economically. >> it looks like nobody will get in, can we waive the rules and put derek jeter in right away? can we put jeter in? >> i wouldn't have a problem with it. i think he might. but cer
, increasing efficiency, decreasing the budget deficit, and real focus that we appreciate in northern california on clean energy. for example, moving the state's goal to be 33% clean energy producing. it is my privilege to welcome governor brown to the panel. [applause] >> and to introduce our next panelist, i would like to welcome steve ballmer, senior bp -- vp. >> good morning and thank you. next up is governor hickel lipper -- hickenlooper. he is the serieaal a entreprener each of you have in your respective parts. he became very successful in the brew pub business. he never had a single election not even for stink -- a student council. governor? [applause] in keeping with the discussion, he is keen on innovation and things of that nature. i know that will come out. thank you, governor. >> are we all set? i am from the "mercury news," and we're here because we live in a global cloueconomy. it has altered local economies because so many manufacturing and technology jobs are moving, whether it is a matter of costs for going where the trained work force is. we're fortunate to have to
for a while. we have gone from a $25 billion deficit to a slight surplus. governor brown rolled out his spending proposal today. it includes a general fund of $97.7 billion. it features an increase in spending for education, transportation, even a rainy day fund. cbs 5 reporter grace lee joins us from the newsroom and explains how the proposal represents the beginning of this new era, we hope. grace. >>> reporter: we have been talking about the bad times for so long it really is a new era. this is a governor who repeatedly has talked about fiscal discipline, even when things are starting to look good for california this year. so his message today is that that deficit may be gone but we still have a wall of debt to pay back from the hard years. and the biggest winner of his proposed budget plan, k-12 schools. after years of cuts, they are going to get $2.7 billion more next year and that number continues to rise so that by 2016 an extra $2700 per student per year will be spent here in california. now, the governor is not only adding money to public sc
deficit is gone at least for now. in fact, we have gone from a $25 billion deficit to a surplus. governor brown rolled out his spending proposal today including a general fund of $97.7 billion and features an increase in spending for education, transportation, and even a rainy day fund. cbs 5 reporter grace lee joins us with how this is beginning of a new era. >> reporter: budget chair senator mark leno called this budget a breath of fresh air after so many tough years of cutting back it's a different proposal that we're hearing. but the governor says this is knots the time to start spending wildly and is giving more money to schools but the way he wants to do it is already causing waves. >> drizzle... >> reporter: in the city of richmond, perry's elementary school has 600 students. every, single one on reduced or free lunch. and after years of cutting back, they have learned they will get more money under the new budget. >> we are thrilled with lower class sizes enhance the educational experience by actually having an extra period. so maybe
presidee over row. so for all the talk out there about deficit reduction, paking ure our books are balanced, this is the guy who did it, three tiims. jack lew, obbma's chief of staff and former budget director, has been by the president's side through bruising deficit reduction negotiatioos. but lew is not a ddrllng of wall street or repuulicans. in bobb &pwoodward's "the price off boehner ssys he told the - presiient "please don't senn jack lew" during the fragile debt ceiling neggtiations of 20111."it was unbelievabbe," boehner said. "at onn point i told the president, keep him out of here. i don't need somebody who just knows how to say no." with the lew announceeent, all of the president's top picks, state, briefing this week, reporters - have peppered press secretary observersshave dubbed "obama's white ggy problem". these storris are in eaction to a couple offappointmenns. i think it would be useful to &pwait and make judgments about this issue afferrthe preeident has made the totality of appointments that he will make in the ttansition to the seconddterm of obama's sixt
year. he is saying for the first time since the recession, california faces no budget deficit. his new spending plan calls for small increases in education to fund a budget of $97.7 billion. even though he expects it to cost the state in the coming year. he has suggestions in how they can do that. i'm not quite sure how he says it face knows budget deficit. because according to the latest numbers, ty, from the controller's office, which came out last week, california, as of december 31st, had a cash deficit totaling $24.2 billion, which was cover bed borrowing. . so the controller said the debt is 24.2 billion. the governor says no deficit for the first time since the recession. >> is this his budget for fiscal year? excuse me, jane. is this his budget for fiscal year 2013? and when does that start? does it start july 1? >> starts july 1st, yes. he is now presenting his budget starting july 1. >> jane, i tell you, i'm stunned. >> yeah. >> it doesn't make any sense given the numbers you've been following so closely for the past few years. i'm anxious to see how they did it. are you as s
futher reduces the deficits byyraissng $622 from the wealthiest households in america." america." the compromise increassd the inccme tax rate to early 40 percent for those individuals making more than 400-thousand dollars.but the deal didn't really put a dent in the national debt so 3 increases ahead. ut ssme ecomomisss say therr just arrn't eeough very rich peoppe to keep the government & going very long. long."if you took not only the tax creases that president obama wants but it you every single penny and dollar thatt -3 they made over a course of a -3 year you'd only ankroll the & months that hardly seems like a meaning full solution. right and that assumes that people would still ork and stil invest. invest. so we decided to see - how something even more prastic wouud work.... what about taking 100 percent of in one year. we're talking about taking aboutt100 percent of their entire fortunes.. we went to the forbes magazine liit of 100 richest americaas. pnd we added up the entire buffet and the next 98 people -3 on the super wealthy li
our trajectory of our budget deficit is going to be. certainly, the budget is not simply a numbers issue. it has a big impact when you translate it into the lives of our residents. when you are talking about deficits that may impact the morning commute because you write muni -- you ride muni, or whether we're talking about closing down seven facilities, or whether we're talking about impacts to services, there is an impact to residents, so i think that impact of the budget is big, as well as economic growth for our residents. >> what are the biggest issues for your district? supervisor chu: sunset district is a great district. it has many residents who are families. we have a lot of families in our district. lots of kids, lots of seniors, people who have raised their families there for many generations, and one of the paramount thing is, aside from the larger issues that are important to the entire city -- i think the big issue that is really in people's minds is the state of the economy. how is it that we are going to be able to bring down the unemployment rate in san francisco? h
more revenue matched by additional cuts to match the sequester issue and the long-term deficit. >> buy the argument? >> the cuts have yet to happen. they are scheduled for the out years. congress says give us the revenue now and we promise, we promise we will get the cuts. that is exactly what the fiscal cliff deal was. they got revenue now. no cuts in there. the same old same old. i tell folks back home all the time, remember, this is promises from politicians. it is not a promise from your parents or your pastor or your priest. it is politicians saying give us some revenue and we promise we will get to the balanced approach later and promise we will cut spending later. mitch mcconnell is exactly right. they just got revenue. we have to cut spending. we have a $16 trillion debt. the credit card is maxed out. we have to cut spending. he is exactly right. let's focus on the problem which is this government can't control spending. we have to get control of it. >> we spoke at length during the campaign when you were the president's point person on the budget and you repeatedly stated and
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